Commodities Corner: Drop in oil prices won’t rescue drivers from $3-a-gallon gas for Memorial Day [MarketWatch]
CME Group Inc. - Class A (CME)
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Source: MarketWatch
Drop in oil prices won’t rescue drivers from $3-a-gallon gas for Memorial Day The plunge in oil prices this week won’t be enough to save drivers from paying $3 a gallon as soon as this Memorial Day weekend. As of Friday morning, regular unleaded gasoline prices averaged $2.981 a gallon, according to GasBuddy . That’s up 5.8 cents from last week’s average, and up a whopping 60 cents from last year’s average. Prices may hit the $3 level by Memorial Day, said Patrick DeHaan, head of petroleum analysis at GasBuddy. Memorial Day weekend traditionally marks the start of the summer driving season. Average prices in 17 states have already topped $3 a gallon, including Hawaii, California, Alaska and Washington, he said. The recent plunge in prices for oil won’t immediately help lower gasoline prices at the pump, though retail prices for the fuel will eventually cool, said DeHaan. On Friday, July West Texas Intermediate crude CLN8, -4.43% traded at $67.60 a barrel on the New York Mercantile
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